Though the Xbox One has been getting significant update drops each month since launch, Sony has so far held back with major system software tweaks for its PlayStation 4 console. The forthcoming v1.70 update represents the first proper update for the PS4 then, introducing the SHAREfactory video editor.

The application will allow PS4 gamers to chop up footage captured with the console, add text, transitions and even their own soundtracks. Those with the PlayStation Camera add-on will also be able to add their own video commentaries to clips, before either sharing them over Facebook or exporting them to a USB drive.

Other features set for inclusion in the v1.70 update include the ability to switch off HDCP to enable direct video capture. Those who pre-order games will also be able to activate a pre-download feature, letting you grab an upcoming game days in advance of its release, ready to be unlocked when it becomes available.

No word yet on when the update will drop, but we'll keep you posted. [Sony]